THE UHNW Institute Podcast, a bi-monthly series, explores the wealth management industry that serves the UHNW, providing voice to
the firms and families they s...
SummaryIn this episode, Russ Haworth speaks with Linda Bourn, the domain chair for risk management at the Ultra High Net Worth Institute. They explore the unique risks faced by ultra high net worth families, including generational wealth, social media presence, and the evolving landscape of AI. Linda emphasizes the importance of proactive risk management strategies and the role of advisors in recognizing and addressing these risks. The conversation also highlights educational initiatives and resources available for advisors to better support their clients in navigating these complexities.Chapters00:00 Introduction to Risk Management in Ultra High Net Worth Families02:52 Understanding the Unique Risks of Ultra High Net Worth Families06:25 Generational Perspectives on Social Media Risks10:43 Supporting Advisors in Recognizing Risks14:51 The Evolving Landscape of AI and Risk Management16:44 Educational Initiatives and Resources for Advisors20:59 Proactive Risk Management Strategies for Families
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27:04
An Interview with Dr Amirala Pasha
SummaryIn this insightful conversation, Dr. Jim Grubman and Dr. Amirala Pasha explore the critical distinctions between collaboration and integration in healthcare, particularly within the context of executive health. They discuss the importance of long-term relationships, the role of expert generalists, and the qualities that make effective integrators. The conversation also highlights the need for practical solutions in patient care and the shift from physical proximity to virtual accessibility in fostering collaboration. In this conversation, Jim and Dr Pasha discuss the significance of accessibility and culture in communication within healthcare, the complexities of business models and third-party payers, the challenges of providing care to VIP patients while adhering to standard practices, the impact of compensation models on care delivery, the importance of training for collaborative care, and the difficulties of building a collaborative culture from scratch.Chapters00:00 Introduction to Collaboration and Integration in Healthcare02:58 Understanding Collaboration vs. Integration06:05 The Role of Expert Generalists in Complex Systems09:04 Qualities of Effective Integrators11:56 Long-Term Relationships in Healthcare and Wealth Management15:09 Collaboration with External Providers18:01 The Importance of Practical Solutions20:54 The Shift from Proximity to Accessibility24:10 Conclusion and Key Takeaways27:39 The Importance of Accessibility and Culture in Communication32:50 Business Models and Third-Party Payers in Healthcare37:36 VIP Patients and Standard of Care40:32 Compensation Models and Their Impact on Care45:41 Training and Education for Collaborative Care52:13 Building a Collaborative Culture from Scratch
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55:55
Health and Wellbeing - Anna Nichols
SummaryIn this episode, Russ Haworth interviews Anna Nichols, the domain chair for the health and wellbeing domain at the Ultra High Net Worth Institute. They discuss the importance of health and wellness in advising ultra high net worth families and how it intersects with wealth and the family system. Anna shares her expertise in financial communications and consulting on personal and generational wealth. They also discuss the challenges advisors face in bringing up health and wellness topics with clients and the value of bringing in the right resources. Anna highlights the need for proactive planning for health issues and decision-making in the future.TakeawaysHealth and wellness is a critical component of advising ultra high net worth families as it shapes their decision-making and interactions with each other.Advisors should feel comfortable bringing up health and wellness topics with clients and offering resources and support, even if they are not experts in those areas.The health and wellness domain intersects with all other domains in advising, and it is important for advisors to have a holistic and integrated approach.Proactive planning for health issues and decision-making is crucial, and advisors should have conversations with clients about who they would like to involve in decision-making if they become incapable.The Ultra High Net Worth Institute provides resources and support for advisors in the health and wellness domain, including a resource library and opportunities for learning and collaboration.Chapters00:00 Introduction to the Health and Wellness Domain03:21 Overview of the Health and Wellness Domain06:11 The Importance of Integrating Health and Wellness in Advising10:55 Bringing Up Health and Wellness Topics with Clients14:19 The Interactions Between Health and Wellness and Other Domains19:17 Proactive Planning for Health Issues and Decision-Making23:51 The Value of the Ultra High Net Worth Institute in Supporting Advisors
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24:33
Estate Planning and Legal - Kim Kamin
Summary Kim Kamin, the domain chair of estate planning and legal issues, discusses the breadth and complexity of the estate planning and legal domain. She highlights that estate planning goes beyond creating wills and trusts and encompasses wealth transfer planning, administration, closely held businesses, philanthropy, and more. Kim emphasizes the importance of collaboration between legal advisors and other domains within the Ultra High Net Worth Institute. She also discusses upcoming challenges in the legal field, such as the Corporate Transparency Act compliance and the expiration of high exemptions. Kim encourages early engagement with legal advisors to ensure effective and legally sound strategies for clients. Takeaways Estate planning covers a wide range of areas, including wealth transfer planning, administration, closely held businesses, and philanthropy.Collaboration between legal advisors and other domains is crucial for comprehensive client solutions.Upcoming challenges in the legal field include Corporate Transparency Act compliance and the expiration of high exemptions.Early engagement with legal advisors is important to ensure effective and legally sound strategies for clients. Chapters 00:00 Introduction and Background03:15 Involvement with the Ultra High Net Worth Institute07:52 Interactions and Collaboration with Other Domains14:48 Events and Publications in the Estate Planning and Legal Domain22:39 Engaging Legal Advisors for Collaboration25:08 Upcoming Challenges in the Legal Field
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32:41
Social Impact & Philanthropy - Betsy Erickson
SummaryIn this episode, Russ Haworth interviews Betsy Erickson, the chair of the philanthropy and social impact domain at the Ultra High Net Worth Institute. They discuss the role of the domain chair, the complexity of philanthropy, and the importance of integration across domains. Betsy also talks about the barriers that families face in philanthropy and the need for experienced advisors to guide them. They highlight the value of cross-domain learning and the work being done by the Institute to educate and inform both families and advisors. Betsy shares upcoming initiatives and resources in the philanthropy domain.Chapters00:00 Introduction and Background03:23 Role of the Domain Chair07:59 Importance of Integration Across Domains10:45 Complexity and Emerging Challenges in Philanthropy14:21 Barriers in Philanthropy and Social Impact17:35 Educating and Informing Families and Advisors22:20 Cross-Domain Learning and Competencies26:01 Initiatives in the Philanthropy Domain30:01 Conclusion
THE UHNW Institute Podcast, a bi-monthly series, explores the wealth management industry that serves the UHNW, providing voice to
the firms and families they serve as they seek to build, grow and nurture the wealth from one generation to the next.
Looking beyond money, the podcast aligns with the Institute’s
mission to incorporate the Ten Domains of Family Wealth, with topics
related to the financial, investment, governance, estate planning,
philanthropy, risk management, leadership, learning and development, health and wellness and family dynamics of the UHNW.
Colombia